Bank of America Exiting China Bank Stake

U.S. Lender to Sell Remaining Holdings in China Construction Bank for Up to $1.5 Billion

By

Fiona Law And

Prudence Ho

Sept. 3, 2013 10:15 a.m. ET

HONG KONG—Bank of America Corp. is selling its entire remaining stake in China Construction Bank Corp. for up to US$1.5 billion, marking the end of an era for the Wall Street banks that piled into major Chinese banks in the last decade in hopes of having an edge in China.

Bank of America is the last of the major American banks that are selling out of the big Chinese banks they bought into before those banks went public in Hong Kong, a time when China, and these lenders, were booming. These banks, most recently Goldman...